Sensex today: Crisis Deepens: NSE puts 3 Adani Group stocks under additional

With a view to safeguard investors from the sharp volatility in stocks of Adani Group companies, the National Stock Exchange has moved Adani Enterprises, Adani Ports and Special Economic Zone, and Ambuja Cements under the short-term additional surveillance measure (ASM) framework.

The move is aimed at curbing speculative trades and short selling. Trading in stocks under the short-term ASM framework will require investors to pay 100% upfront margin even for intraday trading.

The additional surveillance is part of SEBI and the Exchanges’ initiative to enhance market integrity and safeguard the interest of investors.

One of the criteria for moving a stock under this framework is if it sees a 25% downside or upside against Nifty 50 for 5 trading days.

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NSE puts some Adani firms in additional surveillance mechanism

The National Stock Exchange on Thursday placed Adani Enterprises, Adani Ports and Ambuja Cements under additional surveillance mechanism that will require 100% margin to trade in their shares.
The move by the stock exchange comes after a rout in the shares of the billionaire Gautam Adani’s group companies in the aftermath of a scathing report by a U.S. short seller.

US stocks open higher on Meta surge, Fed relief

U.S. stocks jumped on Thursday, with the Nasdaq adding 2% as Meta Platforms surged on rigorous cost controls, while a dovish message from Federal Reserve Chair Jerome Powell boosted bets of a softer landing for the U.S. economy.

The Nasdaq Composite gained 248.83 points, or 2.11%, to 12,065.15 at the opening bell.

Mahindra Lifespace Developers Q3 profit up 33% to Rs 33.21 crore

Realty firm Mahindra Lifespace Developers Ltd on Thursday reported a 33 per cent increase in its consolidated net profit at Rs 33.21 crore for the quarter ended December. Its net profit stood at Rs 25.02 crore in the year-ago period.
Total income rose sharply to Rs 198.14 crore in the third quarter of the current financial year from Rs 33.32 crore a year ago, according to a regulatory filing.

Net profit during the April-December period of this fiscal jumped to Rs 100.88 crore from Rs 17.67 crore in the corresponding period of the previous year.

Total income also rose to Rs 389.30 crore in the first nine months of FY23 from Rs 253.22 crore in the same period last year.

Mahindra Lifespace, which is part of Mahindra Group, is one of the leading real estate firms in the country.

Mahindra Lifespace Developers Q3 profit up 33% to Rs 33.21 crore

Lagarde comments at ECB press conference

The European Central Bank raised interest rates again on Thursday and pencilled in at least one more hike of the same magnitude next month.
Following are highlights of ECB President Christine Lagarde’s comments at a news conference after the policy meeting.

Bottlenecks Easing

“Supply bottlenecks are gradually easing. The supply of gas has become more secure, firms are still working off large order backlogs, and confidence is improving.

“Moreover, output in the services sector has been holding up, supported by continuing reopening effects and stronger demand for leisure activities.”

“Subdued global activity and high geopolitical uncertainty, especially owing to Russia’s unjustified war against Ukraine and its people, continue to act as headwinds to euro area growth. Together with high inflation and tighter financing conditions, these headwinds dampen spending and production, especially in the manufacturing sector.”
Weak growth
“Economic activity has slowed markedly since mid-2022 and we expect it to stay weak in the near term.”

Lagarde comments at ECB press conference

Mobius says Adani’s debt raised questions about share sale

Veteran emerging-markets investor Mark Mobius said his firm didn’t participate in Adani Enterprises Ltd.’s stock sale before it was pulled due to concerns about the debt of the Indian tycoon’s firms.
“We were not interested in Adani companies because they did not meet our investment criteria, particularly as regards to debt,” Mobius said by email in response to Bloomberg’s questions on Thursday. The $2.4 billion share sale, which was first announced on Jan. 18, was abruptly pulled on Wednesday as the fallout from a short-seller report by Hindenburg Research continued to spiral.

Mobius says Adani’s debt raised questions about share sale

Tech View: Nifty charts hint at chances of pullback rally. What traders should do on Friday

NEW DELHI: Headline index Nifty today formed a bullish candle with minor upper and lower shadows, indicating that the market is in a near-term bottom reversal mode and the Nifty is expected to show a pullback rally in the coming sessions.

Now, it needs to cross and hold above 17650 zones, for an up move towards 17777 then 17950 zones whereas supports are placed at 17500 and 17350 zones, said Chandan Taparia of Motilal Oswal.

Fear gauge index India VIX moved down by 6.24% from 16.78 to 15.73 levels….

Read More: Sensex today: Crisis Deepens: NSE puts 3 Adani Group stocks under additional

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